USD/CHF trades lower around the 0.8830 level at the start of the week. Indeed, USD/CHF lost momentum after hitting a weekly high at 0.8876 on Friday a
, reinforcing a cautious market sentiment as traders look for additional indication regarding the monetary policy stand.advocated for supporting "higher for longer" interest rates. He mentioned that this policy approach has a limiting effect, yet underscored that the Fed cannot conclusively ascertain the precise level of the neutral rate. Powell also highlighted that there is still a substantial amount of progress needed to attain price stability.
In addition to this, Philadelphia Fed President Patrick Harker expressed his view that there is no immediate requirement for further interest rate increases. He proposed that the Federal Reserve should maintain its current rate levels and carefully assess the consequences of its policies on the economy. Meanwhile, ClevelandPresident Loretta Mester noted that both GDP and labor market data indicate a growing momentum in the economy.
The Greenback weakened due to the moderate US economic data released during the previous week. US Michigan Consumer Sentiment Index for August, declined to 69.5 figure from the expected 71.2, which was expected to be unchanged. US Durable Goods Orders for July posted a reduction of 5.2% as compared to the market consensus of 4%, swinging from the 4.4% reading in June.
Investors are also expected to keep a close eye on China's services and manufacturing Purchasing Managers Index later in the week. Thesewill offer additional insights into the economic conditions within the country. If China's economy continues to weaken, it could potentially bolster the appeal of the safe-haven Swiss Franc .
Market participants will likely monitor the upcoming announcements of the ZEW Survey, and the Consumer Price Index . On the US docket, the US Core Personal Consumption Expenditures Index, the weekly Jobless Claims, and
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